HB487
WWW Version
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HB 487/FN (BR 1799) - P. Pratt
AN ACT relating to tax credits and declaring an emergency.
Amend KRS 337.055 to insert gender-neutral language.
AMENDMENTS
HCS1/FN - Amend KRS 141.403 to sunset the tax credit; amend KRS 141.415 to remove references and application to the Kentucky Reinvestment Act projects; create a new section of KRS Chapter 141 to provide for the Kentucky Reinvestment Act tax credit and require reporting of the Department of Revenue; create a new section in subchapter 26 of KRS Chapter 154 to sunset the program; amend KRS 154.34-010 to modify the definitions; amend KRS 154.34-070 to add a three-year project completion timeframe for final approval and alter the requirements to the application; amend KRS 154.34-080 to remove the reference to eligible skills upgrade training costs; amend KRS 154.34-090 to conform; amend KRS 154.34-110 to alter the criteria of the program and require reporting of the Cabinet for Economic Development; amend KRS 154.34-120 to sunset the program; create new sections of Subchapter 34 of KRS Chapter 154 to provide guidance on wage assessments; amend various sections of the Kentucky Revised Statutes to make conforming changes and technical corrections; EMERGENCY.
HCA1( P. Pratt ) - Make title amendment.
SCS1 - Include all provisions from HB 366, as amended by the free conference committee report, as modified as follows; clarify the definition of prewritten computer software for sales and use tax purposes; define terms for sales and use tax purposes related to manufacturing and industrial processing processes; clarify the cost of production related to energy or energy-producing fuels for sales and use tax purposes; clarify the definition and provisions related to a part-year resident for income tax purposes; decouple from the deduction allowed in Section 199A of the Internal Revenue Code related to the 20% deduction for pass-through income; maintain the current 3-factor apportionment formula for telecommunication companies; suspend the Kentucky Industrial Revitalization Act until July 1, 2022; suspend the Angel Investor tax credit until July 1, 2022, and provide a $3 million tax credit cap when the program resumes; suspend the Kentucky Investment Fund Act until July 1, 2022, and provide a $3 million tax credit cap when the program resumes; require reporting for certain tax credits; prohibit contingency fee contracts for tax administration; modify the taxpayer bill of rights to allow damages against the Commonwealth sustained as a result of willful, reckless, or intentional disregard by department employees; allow 180 days for a taxpayer to submit a copy of the final determination of a federal audit; allow the inventory tax credit if the property tax paid on inventory is timely paid; require certain taxpayers to file withholding statements electronically; require certain corporations to file income tax returns electronically; provide combined income tax returns based on a unitary business group for taxable years beginning prior to January 1, 2019, unless the group elects to file a consolidated return based on the same group that files for federal income tax purposes; exempt gross receipts derived from charges for labor or services to apply, install, repair, or maintain tangible personal property directly used in the manufacturing or industrial processing process; clarify that computer software other than prewritten computer software is exempt from property tax; conform the net operating loss deduction to the new combined or consolidated filing method; repeal the repeal of the Kentucky Jobs Retention Act and Incentives for Energy Independence Act that was accomplished in HB 366; provide that certain employees or employers may cease to participate in the Kentucky Retirement System and delay the increased contribution for some employers; repeal sections 1 and 3 of HB 362 as enacted; make various conforming changes.
SCA1( C. McDaniel ) - Make title amendment.
HCA1( P. Pratt ) - Make title amendment.
SCS1 - Include all provisions from HB 366, as amended by the free conference committee report, as modified as follows; clarify the definition of prewritten computer software for sales and use tax purposes; define terms for sales and use tax purposes related to manufacturing and industrial processing processes; clarify the cost of production related to energy or energy-producing fuels for sales and use tax purposes; clarify the definition and provisions related to a part-year resident for income tax purposes; decouple from the deduction allowed in Section 199A of the Internal Revenue Code related to the 20% deduction for pass-through income; maintain the current 3-factor apportionment formula for telecommunication companies; suspend the Kentucky Industrial Revitalization Act until July 1, 2022; suspend the Angel Investor tax credit until July 1, 2022, and provide a $3 million tax credit cap when the program resumes; suspend the Kentucky Investment Fund Act until July 1, 2022, and provide a $3 million tax credit cap when the program resumes; require reporting for certain tax credits; prohibit contingency fee contracts for tax administration; modify the taxpayer bill of rights to allow damages against the Commonwealth sustained as a result of willful, reckless, or intentional disregard by department employees; allow 180 days for a taxpayer to submit a copy of the final determination of a federal audit; allow the inventory tax credit if the property tax paid on inventory is timely paid; require certain taxpayers to file withholding statements electronically; require certain corporations to file income tax returns electronically; provide combined income tax returns based on a unitary business group for taxable years beginning prior to January 1, 2019, unless the group elects to file a consolidated return based on the same group that files for federal income tax purposes; exempt gross receipts derived from charges for labor or services to apply, install, repair, or maintain tangible personal property directly used in the manufacturing or industrial processing process; clarify that computer software other than prewritten computer software is exempt from property tax; conform the net operating loss deduction to the new combined or consolidated filing method; repeal the repeal of the Kentucky Jobs Retention Act and Incentives for Energy Independence Act that was accomplished in HB 366; provide that certain employees or employers may cease to participate in the Kentucky Retirement System and delay the increased contribution for some employers; repeal sections 1 and 3 of HB 362 as enacted; make various conforming changes.
SCA1( C. McDaniel ) - Make title amendment.
Feb 26, 2018 - introduced in House
Feb 28, 2018 - to Economic Development & Workforce Investment (H)
Mar 12, 2018 - posted in committee
Mar 14, 2018 - reported favorably, 1st reading, to Calendar with Committee Substitute & committee amendment (1-title)
Mar 15, 2018 - 2nd reading, to Rules
Mar 16, 2018 - posted for passage in the Regular Orders of the Day for Monday, March 19, 2018
Mar 19, 2018 - 3rd reading, passed 74-11 with Committee Substitute and committee amendment (1-title)
Mar 20, 2018 - received in Senate
Mar 21, 2018 - taken from Committee on Committees (S); 1st reading; returned to Committee on Committees (S); to Appropriations & Revenue (S)
Mar 22, 2018 - taken from Appropriations & Revenue (S); 2nd reading; returned to Appropriations & Revenue (S)
Apr 14, 2018 - reported favorably, to Rules with Committee Substitute and committee amendment (1-title); posted for passage in the Regular Orders of the Day for Saturday, April 14, 2018; 3rd reading, passed 24-14 with Committee Substitute and committee amendment (1-title); received in House; to Rules (H); taken from Rules; posted for passage for concurrence in Senate Committee Substitute and committee amendment (1-title); House concurred in Senate Committee Substitute and committee amendment (1-title); Bill passed 51-38; enrolled, signed by Speaker of the House; enrolled, signed by President of the Senate; delivered to Governor
Apr 26, 2018 - filed without Governor's signature with the Secretary of State
Apr 27, 2018 - became law without Governor's Signature (Acts, ch. 207)